Business Bounce Back Loan
Are you a small, UK based, business that have been negatively impacted by Covid-19 and were not an ‘undertaking in difficulty’ as of the end of 2019? Good news, on 27th April, Rishi Sunak announced the new Bounce Back Loan scheme after growing pressure to provide extra support to small business.
What’s on offer
- Loans of between £2,000 and £50,000
- The Government is to support lenders with a 100% guarantee for the loan
- Terms of up to 6 years
- There are no fees or interest to pay for the first 12 months
- No loan repayments will be due during the first 12 months
- There will be a “low level” of interest for the remaining period of the loan.
How to apply for a Bounce Back Loan
- Applications for the Bounce Back Loan scheme will launch this week
- The scheme will be delivered through a network of accredited lenders.
- The loan should be easy to apply for via an online application and the funds are said to be paid within days.
Finance
- Loans of between £2,000 and £50,000
- The Government is to support lenders with a 100% guarantee for the loan
- Terms of up to 6 years
- There are no fees or interest to pay for the first 12 months
- No loan repayments will be due during the first 12 months
- There will be a “low level” of interest for the remaining period of the loan.
How to apply for a Bounce Back Loan
- Applications for the Bounce Back Loan scheme will launch this week
- The scheme will be delivered through a network of accredited lenders.
- The loan should be easy to apply for via an online application and the funds are said to be paid within days.
For further information, please see the HMRC Government website.
The content of this article is for general information only and does not constitute tax advice. It should not be relied upon and action which could affect your business should not be taken without appropriate professional advice.
Ellie Hammett FCCA
Manager
Ellie started with Evolution ABS in April 2010 and became a fully qualified as a Chartered Certified accountant in December 2015. She focuses on a portfolio of a range of clients, from farming to plumbing, providing valuable support in all aspects of accountancy and taxation.
Having grown up on a dairy farm in Dorset, Ellie later moved to Devon in 1998. She now lives with her husband and two young sons on their family farm in East Devon, where they raise beef, sheep, and grow arable crops. When she gets the chance, Ellie enjoys being outdoors with her boys, who share their dad’s passion for farming. She also enjoys moments spent with family and friends and the occasional bit of retail therapy when time allows!
Ellie can be contacted in the office on Mondays – Thursdays.